The Case-Schiller price declines are extremely modest compared to the actual market, in my opinion. I wonder if the Case-Schiller algorithim excludes same-home sales that are in a state of foreclosure, surmising that these homes are in a significant state of disrepair making them unrepresentative of the market. If that is the case, Mr genius Schiller needs to re-program his computer. I hope those who invest in the Case-Schiller futures are intimately familiar with the algorithim as it may not be exactly perfect just yet.